Smurfit Kappa is out to its senior debt holders with an amendment that will allow it to proceed with its proposed IPO on the Dublin stock exchange. Deutsche Bank is running the exercise. The €3.805bn all-senior debt package was signed in February last year and supported the merger of Jefferson Smurfit and Kappa Packaging. MLAs were Citigroup, CSFB, Deutsche Bank and JPMorgan.
- Bookrunner BNP Paribas has closed the €280m debt package backing AXA Private Equity’s secondary buyout of French floor-covering company Gerflor and flexed pricing on the B, C and mezzanine tranches down by 25bp after an oversubscription. Natixis joined as MLA ahead of syndication.
- SG has been mandated to arrange the €200m loan to back the buyout of the ceramics division of Johnson Matthey.
- CIBC World Markets and BNP Paribas have been mandated to arrange a facility to back Investcorp’s secondary buyout of Armacell International, a German manufacturer of specialist engineered foam products. Syndication is due to be launched towards February. Investcorp agreed a deal in December to buy the business from sponsors Gilde and CVC Capital.
- Natixis has been mandated to arrange a €131m loan to recapitalise French restaurant chain Courtepaille. The facility is made up of €118m in senior debt and €13m in second-lien debt. The borrower’s existing mezzanine and PIK debt are not being refinanced. Proceeds will refinance existing senior and second-lien debt and finance working capital and acquisitions. The sponsor is ING Parcom Private Equity.
- Bookrunners Banca Intesa and Mediobanca have closed the €555m secured debt facilities financing Investitori Associati’s acquisition of Italian cruise and ferry operator Grandi Navi Veloci. Gruppo Capitalia and UniCredit joined as MLAs ahead of syndication. Proceeds will refinance debt and be used for general corporate purposes as well as funding the acquisition. Fourteen banks, including the leads, joined. Nine banks participated in the second-lien tranche. The €475m senior debt comprises a €200m seven-year term loan A at 175bp over Euribor, a €130m eight-year term loan B at 225bp, a €130m nine-year term loan C loan at 275bp and a €15m seven-year revolver at 175bp.
- Bookrunner GE Commercial Finance’s widening of the syndication of Inspired Gaming Corporation’s £116m all-senior loan has yet to bear fruit. GE is marketing the product to a widened pool of investors after the B and C tranches failed to get sufficient initial support on the back of poor summer trading.